Rogers Media buys The Score
Rogers Communications has struck an agreement to buy sports broadcaster Score Media Inc. in a transaction valued at $167 million.
Shares of Score Media (TSX:SCR) jumped nearly 47 per cent Friday following reports that the specialty TV sports broadcaster was in discussions to be purchased by Rogers (TSX:RCI.B).
Score Media, which owns the Score Television Network, rose 49 cents to $1.54 on the Toronto Stock Exchange before its stock was halted pending news just before noon.
Score Media, which is based in Toronto, has been reportedly shopping around its assets for about a year, with some reports suggesting that chief executive John Levy was hoping to sell for $200 million.
Its market capital as of the trading halt was $126 million.
The Score runs third place among rival Canadian sports channels TSN and Rogers Sportsnet.
(The Canadian Press)